The European Commission (an organ of the European Union) issued a proposal a few weeks ago--the "Corporate Sustainability Reporting Directive"--that would increase ESG reporting requirements for companies operating in the EU.  Although the proposed regulations have not yet been promulgated, this proposal reflects the increasing focus by developed economies on incorporating the issue of climate change into financial regulations.  In other words, the recent impetus by the U.S. Securities & Exchange Commission to issue regulations concerning climate-focused disclosures is being echoed by other significant regulatory organizations in key economies. 

Further, it is highly likely that these disclosure regimes in the United States and Europe will inform one another as this new regulatory environment takes shape.  Corporations should not only be aware of EU regulation for their potential direct impact on company operations, but for the indirect effect such regulations may exert as an example for U.S. regulators.